Tokio Marine joins IFC to increase lending by $5bn in emerging markets
Tokio Marine HCC has partnered with International Finance Corporation (IFC), a member of the World Bank Group, along with five other global insurance companies to participate in IFC’s Managed Co-Lending Portfolio Programme (MCPP).
MCPP is an innovative credit mobilisation programme designed to increase medium- and long-term lending by up to $5 billion to commercial banks and non-bank financial institutions in emerging markets.
The MCPP centers around a new partnership model between development finance institutions and global insurance markets that provides customers with a source of longer-term loans than is generally provided by commercial banks by applying risk-bearing capacity and know-how of insurance companies like Tokio Marine HCC.
“Tokio Marine HCC is proud to partner with IFC and participate in its MCPP, as its purpose aligns with our own values regarding corporate social responsibility and innovation within our industry," said Susan Rivera, Tokio Marine HCC’s chief executive officer. "By contributing to the economic growth of small and medium enterprises in the world’s poorest countries, we are – in a very real way – able to leverage our expertise in underwriting specialty insurance to fight poverty.”
Jerome Swinscoe, chief underwriting officer of Tokio Marine HCC – credit group, added: “We know the risks associated with political and economic instability, government interventions, and social and political discontent in emerging countries, and our international expertise in underwriting insurance designed to protect the financial losses arising out of credit and political risks lends itself well to a program like IFC’s MCPP.”
